Vestcor Inc Has $17 Million Stock Holdings in Equinix, Inc. (NASDAQ:EQIX)

Vestcor Inc lifted its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 5.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,846 shares of the financial services provider's stock after purchasing an additional 1,122 shares during the quarter. Vestcor Inc's holdings in Equinix were worth $16,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Pinney & Scofield Inc. purchased a new stake in shares of Equinix during the 4th quarter worth about $28,000. Whipplewood Advisors LLC raised its stake in shares of Equinix by 127.8% during the 1st quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after purchasing an additional 23 shares in the last quarter. Cornerstone Planning Group LLC raised its stake in shares of Equinix by 40.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 12 shares in the last quarter. Pacific Center for Financial Services raised its stake in shares of Equinix by 65.2% in the 4th quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 15 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new position in shares of Equinix in the 4th quarter valued at approximately $49,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Equinix Price Performance

Equinix stock traded down $13.42 on Friday, reaching $771.75. The company's stock had a trading volume of 500,622 shares, compared to its average volume of 645,087. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65. The company has a market cap of $75.49 billion, a price-to-earnings ratio of 75.59, a PEG ratio of 1.47 and a beta of 0.93. The business's fifty day moving average price is $833.04 and its 200 day moving average price is $854.59. Equinix, Inc. has a twelve month low of $701.41 and a twelve month high of $994.03.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $6.42. Equinix had a return on equity of 7.27% and a net margin of 11.11%. The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the firm posted $9.22 earnings per share. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. Equities analysts expect that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be issued a $4.69 dividend. This represents a $18.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, August 20th. Equinix's dividend payout ratio is currently 195.01%.

Insider Activity at Equinix

In related news, insider Kurt Pletcher sold 127 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the completion of the sale, the insider owned 1,842 shares in the company, valued at approximately $1,616,723.40. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 100 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the sale, the director owned 17,569 shares of the company's stock, valued at $15,274,664.29. This represents a 0.57% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,176 shares of company stock worth $2,808,008. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on EQIX shares. Wells Fargo & Company dropped their price target on Equinix from $1,065.00 to $925.00 and set an "overweight" rating on the stock in a research report on Thursday, June 26th. Guggenheim started coverage on Equinix in a research report on Thursday, July 10th. They issued a "buy" rating and a $933.00 price target on the stock. Citigroup boosted their price objective on Equinix from $970.00 to $990.00 and gave the company a "buy" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their price objective on Equinix from $935.00 to $940.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Bank of America lowered their price objective on Equinix from $1,000.00 to $950.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $957.27.

About Equinix

Equinix Nasdaq: EQIX is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.